The Bank of Canada's TTFC ("time to first cut") has now been pushed out to early Q2 2023. That comes on the heels of today's ugly U.S. PCE report which showed inflation accelerating—more on that below.
There are few better indicators of inflation anxiety than 2-year yields, which have soared in the last three weeks. The U.S. 2-year rose the equivalent of half a rate hike today. It's now threatening to break November's 15-year high. Canada's 2-year rose 7 bps in sympathy even though our inflation pressures are less pressing.
You don't have access to this post on MortgageLogic.news at the moment, but if you upgrade your account you'll be able to see the whole thing, as well as all the other posts in the archive! Subscribing only takes a few seconds and will give you immediate access.
Comments
Sign in or become a MortgageLogic.news member to read and leave comments.
Just enter your email below to get a log in link.